5 Reasons You Need to Be Giving Back It feels good, helps your business and will save you some bucks on your taxes, too.
By Timothy Sykes Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
Giving back is something I do regularly. Is it because I believe in charity? Sure, it is. But I'm not presuming that everyone in the world feels like I do or does it for the same reasons. Today I'm going to talk about some of the business benefits of giving back, though.
Here are five reasons why it makes sense to be giving back.
1. Connect with the community.
Recently, I witnessed the opening of the Tim Grittani school in Bali, Indonesia. It's the culmination of many months of hard work. As well as seeing a great school opening in a developing part of the world, I built a lot of relationships through it. These are both personal and business.
It's natural you're going to network when you're working in the community, so this can be just as valuable as attending a business conference.
Related: Empowerment and the Importance of Giving Back
2. Build your social media following.
We all know that vital social media is to building anything these days. When you give back you can build your social media following, and the cause you're working with. It's a win-win relationship for all. They're accessing a new audience and you're accessing a new audience.
Always highlight what you're doing because while it's helpful for you it's also helpful for the cause you're supporting.
Related: Mark Cuban on Giving Back, Boredom and Sniffing Out Bullshit
3. NOT the tax benefits.
I'm well-aware that a lot of wealthy Americans give back because it's great for their taxes. But while I acknowledge these benefits, you can gain far more for doing it for other reasons. You'll simply feel better by giving back. It's good for the soul.
I know firsthand how beneficial this can be for my business. I'm optimistic, I feel good, and I'm indulging in something I'm passionate about. That all leads to better performance.
Related: 4 Ways Your Company Benefits From Giving Back
4. Increasing exposure and advancing your career.
There's a reason practically every corporation in the land spends time performing acts of good will. They want the business world to see them as charitable. It enhances their exposure and it creates a story during quiet periods. If you're not releasing a new product then what do you have to talk about?
Performing a good deed is a great way to endear yourself to clients and other companies.
Related: Empowerment and the Importance of Giving Back
5. Be a well-rounded citizen.
The most important reason to give back, in my opinion, is that it makes you a well-rounded citizen. For me, I believe I have a civic duty. I believe that it's my duty to pay it forward and to help those less fortunate. It gives me motivation in both my personal life and my business life.
Related: Why Social Impact Is the Only KPI That Should Matter for Entrepreneurs
Last word: Why give back?
Yes, there are tax benefits to giving back, but I believe there are far greater business reasons. And even if there weren't I would still give back because I believe it's the right thing to do. It's good for my soul and it can be good for yours too.
